What is Success?
This is a somewhat elusive question that we all grapple with at one point or another in our personal and professional lives.
Does success have a different definition for entrepreneurs? It is extremely difficult to manifest something if we do not know what it is. We have to clearly define what success is, in order to achieve it.
While the definition of personal success is relatively objective, it is necessary to formulate a focused definition of professional and entrepreneurial success.
There are three areas which need to be examined in order to gain a true sense of success and fulfilment as an entrepreneur.
These three areas are Wealth, Meaning and Freedom.
Wealth A basic definition of wealth can be expressed as “the accumulation of money and assets that eventually grow sufficiently to allow for complete financial freedom - financial wealth that will last a lifetime and beyond - whilst still generating ongoing passive income.” Too many entrepreneurs focus on money instead of wealth. It is not money in and of itself that will allow for wealth creation, but rather, it is what we do with the money that determines wealth. The bottom line in achieving wealth is accumulating money over time through what we do as entrepreneurs.
Freedom in entrepreneurship is realised once the work of evolving your business to the point where it literally starts working for you, rather than you having to work for it, has been accomplished. As you build your business, the systems, resources and mechanisms that you put into place should be aimed at allowing your business to become more and more efficient in running itself so that it requires less and less of your own time and energy to keep it operating optimally. Once your business is able to carry on generating income without your own time having to be invested in it all the time, you will have achieved the lifestyle freedom of a successful entrepreneur.
Meaning The entrepreneurial endeavour you pursue should contribute to a cause greater than just yourself in order for your vision to have significant meaning. Living a life of meaning is the only way to fulfil ourselves as holistic beings, rather than merely existing and surviving from day to day in a chaotic idea of all supposed to be about. We should all be striving to live a life of true meaning, being consciously aware that what we do and the businesses we build to do it impacts positively on those around us and adds value to others lives.
Original Article Source: Entrepreneur.co.za
Tell us how do you define success as an entrepreneur in the comments below.